Mortgage rates hit 'ultra-low levels': Bankrate

CynthiaLin

NEW YORK (MarketWatch) -- Mortgage rates dipped to record lows this week, with the 30-year fixed rate hitting 4.74%, Bankrate.com reported Wednesday from its national weekly survey. Adjustable rate mortgages also slid as the average 5-year ARM touched 4.06% and the 7-year declined to 4.46%. Looming uncertainty over the pace of economic recovery has sent investors to safer plays in Treasurys, and "will help keep rates at ultra-low levels," the note stated. At current rates, homeowners who refinance would save on average $199 each month.

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